Inc. (NYSE:CARS) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 10:00 am ET

Previous Inc. (NYSE:CARS) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Second Quarter 2020 Earnings Conference Call.

Hosting the call this morning is Alex Vetter, Chief Executive Officer; and Sonia Jain, CARS' newly appointed Chief Financial Officer. Also joining us on today's call is Jandy Tomy, who served as Chief Financial Officer during the second quarter. [Operator Instructions] A replay of the webcast will be available until August 13. A copy of the accompanying slides can also be found on the company's investor site. Following today's presentation, there will be a question-and-answer session with Alex, Sonia and Jandy.

I'd now like to turn the call over to Kamal Hamid, Director of Investor Relations.

Kamal Hamid

Good morning, everyone, and welcome to our second quarter 2020 conference call. Before I turn the call over to Alex, I'd like to draw your attention to our forward-looking statements, and the description and definition of our non-GAAP financial measures, which can be found in our presentation. We will be discussing certain non-GAAP financial measures today including adjusted EBITDA, adjusted EBITDA margin, adjusted net income and free cash flow.

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measure can be found in the financial tables, included with our earnings press release and in the appendix of the presentation. For more information, please refer to the risk factors included in our SEC filings including those in our annual, quarterly and current reports. We assume no obligation to update any forward-looking statements or information as of their respective dates.

At this time, I would like to turn the call over to Alex.

Alex Vetter

Thank you, Kamal. Good morning, everyone, and welcome to our conference call for the second quarter of 2020. Before I begin to discuss the quarter, I want to take a moment to introduce Sonia Jain, our new Chief Financial Officer, who joined CARS on July 6. She hit the ground running, moved to Chicago and worked with both financial and operating team members to quickly learn our business. Sonia's deep multi-channel media distribution expertise and technology prowess have enabled her to have an abbreviated learning curve and she's poised to make an immediate impact as an important business partner to me and a major contributor to our strategic goals.

Sonia Jain

Thank you, Alex. I am very happy to join my first CARS earnings call. In the short time since I joined CARS, I've seen firsthand the team's alignment and focus on leveraging our portfolio of first party data and solutions to further our inherent strength in the marketplace. I thank Jandy and the team for their efforts, particularly in light of the obstacles the COVID-19 pandemic placed in their path. And I look forward to working closely with the analysts and portfolio managers on today's call and meeting you soon at least virtually.

Alex Vetter

Thank you, Sonia. Now let's discuss the quarter. As we signaled last quarter, the pandemic impacted our customers, and therefore, our business as well. Our decision to provide a three-month financial stimulus to dealers in the form